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ARTICLE · 26 SEPTEMBER 2011

Changes To Tax And Company Law

Elias Neocleous & Co LLC
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The Cyprus Parliament has passed a series measures to increase various taxes and impose a levy on companies incorporated in Cyprus.

CyprusWealth Management
Elias Neocleous
Elias Neocleous
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The Cyprus Parliament has passed a series measures to increase various taxes and impose a levy on companies incorporated in Cyprus. These form part of an austerity package aimed at reducing the budget deficit, which also includes an increase in government employees' pension contributions and a two-year special levy on salaries and pensions paid to national and local government employees. Further steps to reduce the government deficit are expected to be taken over the next few months, focussing on cutting government spending and providing tax incentives and other measures for promoting growth.

The principal changes in the tax and company legislation are outlined below.

Increase in the top rate of personal income tax to 35%

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